The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
Three and one-half years ago I purchased and home built in 1910 in a reviving neighborhood. The structure is historically and architecturally interesting and it is situated near a major public transit thoroughfare. By Christmas of that year I was able to begin renting the front bedroom to visitors. The income from sharing the guest room goes entirely to restoring and repairing the house. We now have a new roof, new corner posts, an insulated and decked attic, a totally rebuilt balcony on the front and a remodeled bath. Most of the items on that list would still be in the planning stages were it not for the "extra" income from sharing the guest room. There is more to do and if the guests keep coming, we will get to those things - another balcony rebuild, an exterior paint job, some repair of fences and some landscaping. So the money sustains the local economy. Additionally, my guests spend money at local restaurants, bars, and shops which is an additional benefit to the local economy. I am also amazed at the social networking that is facilitated by the process. All of my guests have been nice, and some have stayed in touch and two have returned for a second visit. At least one that I know of has now become a host herself after a visit with me. I do hope this information is helpful.